See how Paramount Property Tax Appeal helped a client acquire a high quality Multi Family Property located in LA.
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See how Paramount Property Tax Appeal helped a client acquire a high quality Multi Family Property located in LA.
We had a client approach us as they were in a 1031 exchange and had $51 million in the accommodator’s account. This is a wealthy family that was looking for very high-quality Core LA area properties to acquire and hold for the long term.
Jon Fleming and Paramount Commercial were able to identify an ideal property to purchase through our tax appeal client base. Our highly successful tax appeal business has given us the unique opportunity of being connected with a variety of large, owners and operators of multifamily properties. We negotiated the transaction with the seller at a price that was compelling and appealing. Our buyer assumed existing FNMA debt that was at an above market rate when the purchase was negotiated but was competitive at closing.
Jon was able to guide the client through the transaction while maintaining close contact with both parties. Paramount Commercial was able to close the transaction at $48 Million off-market deal, at a price of $600,000 per unit. From start to finish the transaction was completed in under 4 months.